Company and personal tax legislation are continually evolving, therefore, businesses and individuals need on-going professional advice and help to minimise their tax liability.
Corporation tax is tax payable on the profits of limited companies based in the UK. The deadline to pay corporation tax is before the deadline to file the company tax return, generally, you must:
Pay corporation tax by 9 months and one day after the end of the company’s corporation tax accounting period
File company tax return by 12 months after the end of the company’s tax accounting period
Personal tax, more specifically the completion of an annual self-assessment tax return, can be very daunting especially with the new penalties for errors and missing HMRC deadlines.
Capital Gains Tax is also another complicated area, for which tax planning in advance is key to achieve the best possible outcome for the disposal of assets.
At Chappell Associates, our experienced team is on hand to:
ensure compliance with all the key tax and accounting regulations
prepare your personal tax liability and submit your return to HMRC within their deadlines
inform you of when and how to pay HMRC including payments on account
advise how to maximise your allowances and relief
help with P11d’s
prepare and file CT600 tax returns with HMRC within their deadlines
assist with Corporation Tax planning and Partnership Income Tax Planning
advise on capital gains issues
offer advice on the tax implications on the sale of assets
calculate the tax due on asset disposals
mitigate inheritance tax liabilities
Management Accounts and Budgets
Financial accounts are geared towards the external users of accounting information and fulfilling statutory reporting requirements. Management accounts are aimed at internal users of accounting information and are produced on a more frequent basis such as weekly and/or monthly.
The objective of management accounts is to provide timely and key financial and statistical information to management, enabling them to make informed day to day and short term decisions.
Management accounts are usually prepared based on historical fact, budgets, however, are prepared to help businesses plan future costs, revenues and resources over a specific period of time, which helps them to plan quantified objectives, provides a standard for measuring performance and serves as a device for coping with foreseeable adverse situations.
Chappell Associates can provide the following management account services:
Monthly or quarterly management accounts
Reporting of key performance indicators
Costing information, including break-even analysis
Actual performance compared to budget or other comparative periods
Branch/departmental/cost centre results
Supplying management information to lending providers
End of Year Accounts
Annual accounts are an essential tool for any business, whether you are a sole trader who needs accounts to obtain a mortgage, or a small to medium business owner looking for finance, or a Limited company who needs their accounts produced as a statutory requirement for HMRC and Companies House.
Annual accounts are a legal requirement for a limited company and must be submitted to Companies House to go on public record. They must also be submitted to HMRC with the year-end corporation tax return.
Therefore, a set of year end accounts is vital in assessing the performance of your business, tracking profitability, monitoring costs, as well as ensuring compliance with Inland Revenue and VAT regulations.
About Our Services
Audit and Assurance
In the purest sense, auditors assess a set of company accounts to determine if they are a true and fair representation of a company's affairs on the accounts date. Audited accounts help to raise confidence with stakeholders and funding sources.
Any UK company that earns over £10.5million in revenue is required to complete an audit by law. The audit provides assurance to the users of the accounts that an independent third party (the auditor) has examined the accounts and agrees with them.
Audit not only helps businesses meet all statutory requirements, it also helps to identify areas of weakness within a business and offer advice including introducing effective measures and controls.
Chappell Associates provide a thorough and professional audit, carried out speedily with the minimum of disruption and at a competitive price.
Maintaining business records can be time-consuming and labour intensive, which is why some businesses find that it is more cost effective to outsource their bookkeeping function, saving them valuable time and money by freeing up key personnel.
Chappell Associates offer a professional bookkeeping service for Sole Traders, Partnerships and Limited Companies, we can do as little or as much as is required. You can deliver, post or email us all your paperwork or we are happy to work remotely from your office.
The bookkeeping service can include all or some of the following depending on your requirements:
Raising and sending sales invoices to clients/customers
Debt chasing and advice on bad debts
Recording of all sales and purchase invoices
Aged debt and purchase ledger control
Completion and submission of VAT return
VAT affects most businesses and due to the vast amount of regulation and differing schemes, it can be confusing.
The VAT registration threshold is currently set at £83,000. VAT registration is compulsory when UK turnover of taxable goods and services over the previous 12 months goes over the VAT threshold.
Chappell Associates VAT service includes:
VAT registration and deregistration
Advising the best VAT scheme to adopt (Annual, cash, or flat rate)
Completion and submission of VAT returns to HMRC
Liaising with HMRC on your behalf
The deadline for submitting the VAT return online and paying HMRC are usually one calendar month and seven days after the end of the VAT accounting period. However the deadlines are different if the Annual Accounting Scheme is being used.
Payroll can be a demanding and time-consuming area in most businesses, exacerbated by rapidly changing regulations, RTI and the introduction of workplace pensions.
Chappell Associates offer a comprehensive payroll service catering for any number of employee’s and paying on a weekly, fortnightly, monthly or quarterly basis.
Every employer has to offer a workplace pension and build compliance into their payroll service. Our payroll service checks compliance with the new workplace pension and auto-enrolment requirements.
Our payroll service includes:
Employer PAYE registration
Running of payroll including tax, NI, sick and maternity pay calculations
Production of payslips, P45’s, P60’s
RTI submissions to HMRC within their deadlines
Completion of statutory forms, including year end returns, to issue to employee’s and HMRC
Calculate and complete P11D’s
Summaries and analyses of staff costs
Set up, maintain and process workplace pension scheme
Limited Company Formation
Chappell Associates offer a professional and efficient limited company formation service
As part of this service we
Form the company electronically (usually within 24 hours)
Register the company with Companies House and HM Revenue & Customs
Provide the company number
Register the company with Companies House for electronic filing
We will provide the company formation documents comprising of
Certificate of incorporation
Memorandum & Articles of Association
Register and minute book
Company Secretarial Service
Chappell Associates provide a complete company secretarial service to help companies comply with their statutory obligations
As part of this service we can if required:-
Prepare and file Companies House confirmation statement
Maintain and update company officer details
Alot, issue and transfer shares
Register / Satisfy a charge
Provide our address as company registered office